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Mortgage Market Update
My Mortgage Company
Justin Connolly
Wednesday, September 2, 2026
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Should you refinance your mortgage? |
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Hi there. Markets shift, life changes, and sometimes your mortgage needs a fresh look.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinancing Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move—it depends on your situation. Some folks lower their monthly payment or shorten their loan term. Others tap into home equity for a major expense. The catch: refinancing means a new loan with closing costs, a new payment timeline, and a credit inquiry. That's why it makes sense to run the numbers first. How long do you plan to stay in the home? What are rates doing compared to your current rate? What's the cost to refinance versus the monthly savings? I help borrowers answer these questions so the decision feels clear, not rushed. Let's talk through whether refinancing makes sense for your home and goals.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Justin Connolly
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